Gold jewellery demand shoots up 21%

PTIJun 3, 2004, 03.55pm IST

MUMBAI: Demand for jewellery in the country shot up by 21 per cent to 119 tonnes during the first quarter of the current year over previous year's Q1 demand of 98 tonnes.

Similarly, total demand for gold jewellery including net retail investment rallied by 25 per cent to 149 tonnes from the previous year's figure of 119 per cent, the World Gold Council (WGC) said in a statement here on Thursday.

Investment in gold in the form of bars and coins also shot up by a whopping 47 per cent to 25 tonnes during the first quarter of the current fiscal as against 17 tonnes the previous year, WGC managing director (Indian subcontinment) Sanjeev Agarwal was quoted as saying.

"In spite of the increase in gold prices, the Indian consumers continue to be attracted towards gold jewellery," he said.